Power Move

Rinehart makes a play for a Fairfax board seat

Speculation is rife that mining billionaire Gina Rinehart wants a seat on the board of Fairfax Media.

Rinehart, Fairfax's biggest shareholder with a 12.58%, called in to the company's Sydney offices for a tour yesterday.

Back in December 2010, shortly after buying a 10.1% stake in the Ten Network, Rinehart was invited to join their board.

According to The Australian Financial Review, Rinehart, accompanied by Hungry Jack's founder and Ten Network shareholder Jack Cowin, met Fairfax chairman Roger Corbett and chief executive Greg Hywood. "It is believed Mrs Rinehart asked for the board seat when meeting Mr Corbett," says the report. "The Fairfax board is believed to be considering its options."

Rinehart, who was earlier this week crowned the fourth richest person in Asia, has yet to state her intentions publicly.

The visit to Fairfax comes in the wake of Treasurer Wayne Swan attacking Rinehart, Clive Palmer and Andrew Forrest for using their wealth to shape the national debate.

Rinehart is a contender for top spot on The Power Index's current power list – Rich Crusaders.


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